The deal with the Wizards will include a player option, sources said.
The Nets and Howard weren't allowed to finalize a buyout until the end of the NBA's signing moratorium Friday. Howard's $23.8 million salary will need to go unclaimed through waivers before he can sign with the Wizards.
Brooklyn acquired Howard in a draft-day trade with the Charlotte Hornets for Timofey Mozgov and the 45th pick in June's NBA draft.
The Nets will save nearly $17 million on the trade in the 2019-20 season, allowing them to create two max-salary slots for free agency next summer.
Howard, 32, an eight-time NBA All-Star, is changing teams for the fourth time in nearly three years -- from the Houston Rockets to the Atlanta Hawks to Charlotte, Brooklyn and now Washington.
The Wizards traded starting center Marcin Gortat to the LA Clippers for Austin Riverslast month.
Wizards provide Dwight with 'tremendous opportunity'
Adrian Wojnarowski reports on Dwight Howard's contract, which has a player option in the second year, and what his role will be in Washington.